'K' stands for Klynveld. Piet Klynveld founded the accounting firm Klynveld Kraayenhof & Co. in Amsterdam in 1917.
'P' is for Peat. William Barclay Peat founded the accounting firm William Barclay Peat & Co. in London in 1870.
'M' stands for Marwick. James Marwick founded the accounting firm Marwick, Mitchell & Co. with Roger Mitchell in New York City in 1897.
'G' is for Goerdeler. Dr. Reinhard Goerdeler was for many years chairman of Deutsche Treuhand-Gesellschaft and later chairman of KPMG. He is credited with laying much of the groundwork for the KMG merger.
In 1911, William Barclay Peat & Co. and Marwick Mitchell & Co. joined forces to form what would later be known as Peat Marwick International (PMI), a worldwide network of accounting and consulting firms.
In 1979, Klynveld joined forces with Deutsche Treuhand-Gesellschaft and the international professional services firm McLintock Main Lafrentz to form Klynveld Main Goerdeler (KMG).
In 1987, PMI and KMG and their member firms joined forces. Today, all member firms throughout the world carry the KPMG name exclusively or include it in their national firm names.
After completing what was the accounting profession's first mega-merger, KPMG has taken a number of innovative steps to transform the professional services industry.
Eight years ago, it was the first multidisciplinary organization to establish itself along industry-specific lines of business. This enabled KPMG member firms to tailor services and strategies to the individual needs of clients across a range of global industry markets.
During the past several years, KPMG member firms have forged a number of business alliances with some of the world's best known names in the Internet, telecommunications and software industries. One example is the expansion of our alliance with Cisco Systems Inc., in which Cisco has invested significantly in KPMG Consulting, part of the KPMG US member firm.
In 1999, KPMG strengthened its organization by creating three operating regions — the Americas, Europe/Middle East/Africa and Asia Pacific. KPMG was the first organization to take such an aggressive step in uniting national and local resources — people, ideas, products, technologies and knowledge.
On October 1, 2007 KPMG Europe LLP was launched. The creation of KPMG Europe LLP was a first step towards a pan-European KPMG firm.
In 2008, the Belgian KPMG firms (excluding the Belgian audit practice) joined KPMG Europe LLP, an integrated accounting firm in Europe, of which the operating subsidiaries' objective is to facilitate and improve services offered to international clients. Each member firm takes responsibility for its own management and for the effectiveness and quality of its work.
With these initiatives in place, the future holds great promise for KPMG. Talent and resources will continue to deliver solutions with clear benefits for our member firms' clients, so they can grow profitably and build value for their stakeholders.